Compass Gold to Raise $5,500,000 in Over-Subscribed Private Placement

Toronto, Ontario – November 7, 2019 – Compass Gold Corporation (TSX-V: CVB) (“Compass” or the “Company”) announced today that it has increased the size of its previously announced non-brokered private placement (“the Offering”) (see Compass news release dated November 4, 2019) of a total of approximately 15,700,00 common shares of the Company, at a price of $0.35 per share, for aggregate gross proceeds of approximately $5,500,000. Subject to the receipt of funds and Subscription Agreements from investors, the Offering is expected to close on or about November 20, 2019.

No broker warrants are being issued, but a finder’s fee of 6% in cash, as well as 200,000 compensation shares, are intended to be paid as compensation to certain parties who assisted with the Offering.

Closing of the Offering is also subject to the receipt of all necessary regulatory approvals. All the shares issuable pursuant to the Offering will be subject to a hold period expiring four months and one day after the date of issuance.

Larry Phillips, Compass Gold’s President and CEO, said, “This financing has been a great success for the Company. We have added an excellent strategic partner in SEMAFO and our existing shareholders have provided their full endorsement by taking up the majority of the remaining Offering. Their support, along with a number of high-quality new investors, has resulted in the placement being oversubscribed. All of this has been accomplished in just three days and in the face of a difficult market for our sector. In order to accommodate a portion of that additional demand, we have agreed to a slight increase in the $5 million amount announced on Monday to $5.5 million.”

The funds received from the Offering will enable the Company’s technical team to follow the recently announced (see Compass news release dated November 6, 2019) field work program, including an aggressive drill campaign of more than 10,000 metres on the Farabakoura Trend, comprising the Farabakoura and Kabangoué artisanal workings and the high-priority Boumban prospect, on its Sikasso Property in Southern Mali.

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Field Work Starts on Farabakoura Trend in Preparation for Newest Drilling Program

Toronto, Ontario, November 6, 2019 – Compass Gold Corp. (TSX-V: CVB) (Compass or the Company) announces that it has launched its follow-up field program on the Farabakoura Trend, which includes the Farabakoura and Kabangoué artisanal workings and the high-priority Boumban prospect, on its Sikasso Property in Southern Mali.

Highlights

  • The annual rains have ended, and field teams have mobilized to start preparing access for renewed drilling at Farabakoura and Kabangoue artisanal workings
  • 10,500 m drilling is planned on six prospects on the Sikasso property
  • Drilling is expected to begin in late November

Compass CEO, Larry Phillips, commented, “With the end of the wet season, we are now deploying our field teams to prepare our drilling sites for our next exciting drilling program. In addition to the main Farabakoura zone, we will be drilling on five additional prospect areas, where we hope to confirm the presence of bedrock gold indicated so far by near surface geochemistry and the presence of artisanal workings. The proposed 10,500 m RC drilling program will go a long way to confirming the prospectivity of these areas, with the aim of determining the best location for resource definition drilling. We expect that it will take three weeks to prepare the drilling pads, and for the ground conditions to allow the safe movement of our drilling equipment.”

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Compass Gold Announces Strategic Investment by SEMAFO Inc. as Part of $5 Million Private Placement

Toronto, Ontario – November 4, 2019 – Compass Gold Corp. (TSX-V: CVB) (“Compass” or the “Company”) announced today that SEMAFO Inc. (“SEMAFO”) has agreed to participate in a private placement, pursuant to which the Company intends to issue, on a non-brokered private placement basis, up to 14,286,000 common shares of the Company, at a price of $0.35 per share, for aggregate gross proceeds of up to $5.0 million (the “Offering”).

SEMAFO is the lead participant in the Offering and will be subscribing for $2 million. Assuming a fully subscribed Offering, SEMAFO will own approximately 10.8% of the outstanding common shares of Compass upon completion of the Offering. SEMAFO is a Canadian-based intermediate gold producer with over 20 years’ experience building and operating mines in West Africa. SEMAFO operates two mines, the Boungou and Mana mines in Burkina Faso. SEMAFO is committed to building value through responsible mining of its quality assets and leveraging its development pipeline.

The remainder of the Offering is expected to be subscribed primarily by existing shareholders who participated in the prior private placement of the Company completed in April 2019.

The proceeds of the Offering will be used to further advance the Company’s ongoing exploration efforts at its Sikasso Property in southern Mali, including the Farabakoura high-grade mineralized zone. The currently planned exploration drilling at Farabakoura and other high priority targets is set to commence later this month. That program is fully funded through to the end of December. The additional proceeds from the Offering will allow for the extension and expansion of drilling and exploration work through to the end of 2020, as well as for general corporate purposes.

Larry Phillips, Compass Gold’s President and CEO, said, “The addition of SEMAFO to our group of core investors is a major strategic step for Compass Gold. Our management team and Board of Directors are especially familiar with the growth and impressive accomplishments of SEMAFO in West Africa over the past several years, and we welcome the opportunity to build a strong, long term relationship that will benefit the development of gold discoveries at Sikasso. SEMAFO’s investment represents a strong endorsement of our early results at Farabakoura, the potential for new discoveries in the coming year, and the quality of our management and technical team. Further, SEMAFO’s extensive experience in West African exploration and development is expected to provide us with valuable access to people and mine sites, which will only enhance the abilities of our own team.” Mr. Phillips added, “The completion of this financing and strategic investment will strengthen our company and provide a clear path to continuing our exploration work through to the end of 2020, without any requirement to pause and access more capital. We are committed to expanding our drilling at Farabakoura, which we believe can bring us to an initial resource at this first of at least 20 drilling targets. We will also proceed to drilling at our highly prospective targets at our Boumban, Tarabala, Sodala, and Samangouela prospects, which reflects the scale of opportunity present across our  867 sq.km Sikasso Property.”

Benoit Desormeaux, SEMAFO’s President and CEO, said, “We are very pleased to become a shareholder of Compass Gold. This financing fits our strategy of investing in exciting exploration companies to complement our internal development. Compass Gold has excellent exploration potential and is located in a known mining jurisdiction with a seasoned management team. The future is bright for Compass Gold, and we are excited to become a shareholder at this stage of its development.”

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President’s Letter to Compass Gold Shareholders

PUTTING THE PIECES TOGETHER AT FARABAKOURA

Dear Shareholders:

Our Compass exploration team has been very busy over the past six months, as evidenced by the many excellent drill results and multiple new targets we’ve been able to report from their work at our Sikasso Property in Southern Mali. In our most recent press release just last week, we announced the discovery of another large high-grade anomaly, this one on our Kourou permit area. With that, we have reported the results from all of the exploration work completed prior to the beginning of the rainy season in late July, which brought an end to field work and drilling.

Already this year, our team has done an outstanding job generating impressive results across large target areas such as Farabakoura. Using a careful drilling plan totaling less than 8,000 metres, we have discovered several broad mineralized zones, such as reverse circulation (RC) hole 11 (OURC011) with 60 metres of 1.42 grams per tonne gold and RC hole 24 with 32 metres at 3.02 grams per tonne gold.

Our diamond drilling (DD), consisting of only eight holes, contributed remarkably high-grade results, such as DD hole 4 with 6.1 metres at 65.58 grams per tonne gold and DD hole 6 with 13.5 metres at 9.25 grams per tonne gold.

While these are just a few of the key results that make the mineralized zone at Farabakoura such an exciting target, it is important to note that virtually all of our drill holes discovered gold mineralization. In fact, our 93% ‘hit rate’ is almost unheard of for a first-ever drill program in grass-roots exploration.

It is also worth noting that the drilling was concentrated within 100 metres of surface. Such shallow gold mineralization is ideal for a simple open pit extraction, which in Mali, typically requires grades of less than 1.5 grams per tonne gold to be economic.

Beyond the gold mineralization, all of our drilling and other exploration work is providing essential answers about the rock types, structures, size, and orientation of the large Farabakoura target. The high-grade intercepts are exciting, but what is equally important is refining our understanding of structures and trends so we can determine where the drilling should go next. We are now focused on how far this Farabakoura zone extends, to the north, to the east and even at depth. This is all in support of our clear objective of progressing Farabakoura to a defined mineral resource in the coming year.

President’s Letter to Shareholders

Large Gold Anomaly Discovered at Samagouela on the Kourou Permit, Along Strike from Artisanal Workings

Toronto, Ontario, October 8, 2019 – Compass Gold Corp. (TSX-V: CVB) (Compass or the Company) is pleased to provide an update on its exploration activity on the Kourou permit, Sikasso Property in Southern Mali.

Highlights

  • Shallow soil survey reveals discrete gold anomalism over a distance of 1.8 km along strike from Samagouela gold workings
  • Maximum soil sample contained 4.03 grams per tonne (g/t) gold (Au); not associated with previous workings
  • Anomalies are coincident with regional shear zone and crossing-cutting faults, including faults cross-cutting small intrusion

Compass CEO, Larry Phillips, said, “So far this year, our primary exploration focus has been at Farabakoura on our Ouassada permit. However, our field teams have also been busy following-up on previous exploration and investigations of artisanal workings on some of our other permit areas, including Samagouela on the Kourou permit. Fieldwork conducted at Samagouela has identified a potential 1.8-km-long zone of gold anomalism that is coincident with regional structures. This discovery shows the quality of our full land package and that the huge potential at Sikasso extends beyond the exciting Farabakoura zone. In light of these encouraging results, our technical team will be reviewing options for expanding our exploration plans for the 2020 drilling season.”

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Compass Gold Corporation Intersects New High-Grade Gold Veins at Farabakoura Including 6.1 M @ 65.6 G/T

Toronto, Ontario, September 5, 2019 – Compass Gold Corp. (TSX-V: CVB) (Compass or the Company) announces results from the recently completed diamond core drilling program at the Farabakoura artisanal workings on the Ouassada permit, Sikasso Property in southern Mali.

Highlights

Diamond drilling at Farabakoura intercepts high-grade gold mineralization in bedrock, including:

  • 6.1 m @ 65.6 grams per tonne (g/t) gold (Au) from 19.5 m (OUDD004)
  • 13 m @ 9.25 g/t Au from 21.1 m (OUDD006)
  • 7.0 m @ 1.45 g/t Au from 76 m (OUDD008)
  • 7.1 m @ 2.13 g/t Au from 68.9 m (OUDD007)
  • All seven diamond drill holes (total 995 m) intersected significant gold mineralization within a 200 m section of the 750 m long Farabakoura high-grade zone
  • Follow-up drilling in Q4 will test open areas and extent of gold rich zone

Compass CEO, Larry Phillips, said, “The conclusion of this season’s drilling at Farabakoura has returned some spectacular high-grade gold intercepts over an extensive area, as well as valuable new structural and geologic data that continues to excite our team. In addition to finding such strong gold values, this work has revealed new structures with significant potential that we will begin drilling in Q4 once the rainy season ends.”

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Discrete Gold Soil Anomalies Delineated Along Strike from Farabakoura Workings

Toronto, Ontario, August 26, 2019 – Compass Gold Corp. (TSX-V: CVB) (Compass or the Company) is pleased to provide an update on exploration activity on the Faraba-Coura permit, Sikasso Property in Southern Mali.

Highlights

  • Three discrete gold zones (up to 1 km) identified over a distance of 4.8 km from a shallow soil survey, and 2 km along strike from Farabakoura gold workings
  • Anomalies are coincident with crustal-scale faults cutting intrusions
  • Results reinforce anomalies previously identified through wide-spaced, deep soil auger sampling
  • Data review suggests a similar style of gold mineralization found at Farabakoura might also be present in newly tested area (Boumban)

Compass CEO, Larry Phillips, said, “While drilling progressed at Farabakoura, our field teams continued exploring other target areas on our adjacent Faraba-Coura permit. Combining the results of this latest work with our previous findings, we now have three robust targets for the next phase of bedrock drilling, which we intend to initiate later this year. While our primary focus remains on the gold workings Farabakoura and Kabangoué, it is also important to note that these promising target areas represent only a small fraction of our prospective total land holdings.”

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RC Drilling Confirms East-West Structures at Farabakoura

Toronto, Ontario, August 19, 2019 – Compass Gold Corp. (TSX-V: CVB) (Compass or the Company) is pleased to provide an update on the remaining RC exploration drilling at the Farabakoura artisanal workings on the Ouassada permit, Sikasso Property in Southern Mali.

Highlights

  • Assay results from the final 11 reverse circulation (RC) drill holes (totalling 1,522 m) from the Farabakoura artisanal workings
  • Drilling primarily conducted to test east-west trending vein structures and provide geological information
  • Best interval: 8 m @ 1.20 grams per tonne (g/t) gold (Au) from 24 m (OURC040)
  • All fieldwork has now ceased on the property due to the start of the rainy season

Compass CEO, Larry Phillips, said, “These final RC drilling results at Farabakoura have confirmed that gold is present in east-west trending veins associated with late faulting, and previous drilling indicates the best mineralization is located at the contact between intrusive rocks and the surrounding country rock along a northwest-southeast trend. Meanwhile, we eagerly await the assay results of our recent diamond drilling on the Creek Zone to add to our understanding of this already extensive mineralized zone. We look forward to fully utilizing all of the data we’ve gathered over the last nine months during our next phase of drilling, scheduled to begin in November.”

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RC Drilling Intercepts 7 M @ 15.58 G/T Gold at Farabakoura

Gold Mineralization Extends over 770 M

Toronto, Ontario, July 29, 2019 – Compass Gold Corp. (TSX-V: CVB) (Compass or the Company) is pleased to provide an update on the ongoing exploration drilling at the Farabakoura artisanal workings on the Ouassada permit, Sikasso Property in Southern Mali.

Highlights

  • Latest reverse circulation (RC) (23 RC drill holes, totalling 3,339 m) and diamond drilling program completed at Farabakoura artisanal workings
  • Best interval: 7 m @ 15.38 grams per tonne (g/t) gold (Au) from 111 m (OURC030), including 1 m @ 60.56 g/t Au
  • Intercepted gold mineralization in nine holes, increasing the known strike length of the mineralized system to 770 m
  • 995 m diamond drilling program completed at Farabakoura designed to test depth continuity of the mineralized system

Compass CEO, Larry Phillips, said, “Our final RC drilling program for the season has successfully extended our primary target zone, defining gold mineralization over 770 m from the Farabakoura Pit Structure to the Creek Zone. Our understanding of this somewhat complex mineralized system increases with each hole drilled. With the pending results of the just completed diamond drilling program, we will be able to develop a more complete understanding of the structures, geology and style of mineralization in the system. These results will be used to supplement the extensive work we have conducted over the past 18 months in preparation for launching the next drill program in November, following the rainy season.”

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Compass Gold Adds Diamond Drilling to Ongoing Exploration Program on Farabakoura Artisanal Workings

Toronto, Ontario, July 10, 2019 – Compass Gold Corp. (TSX-V: CVB) (Compass or the Company) announces that it has added a new diamond drill program at the Farabakoura artisanal workings on the Ouassada exploration permit on its Sikasso Property in Southern Mali.

Highlights

  • Completed the first of seven diamond drill holes, totalling 1,000 m at the Creek Zone, Farabakoura
  • Diamond holes are to test extensive and high-grade gold mineralization at depth and rock types previously identified during reverse circulation (RC) drilling.
  • RC drill testing of 300 m long south-east extension of the Farabakoura Pit Structure, which is a further extension of the 500 m mineralized zone that has already been identified through drilling
  • 2,000 m of the previously announced (see Compass release dated June 12) 3,000 m RC drilling has been completed on the Farabakoura workings and new areas

Compass CEO, Larry Phillips, commented, “The RC program at Farabakoura is advancing well, where we are concentrating on a geophysical target 300 m along strike from successful drilling in April 2019. The RC team is now moving back to the main Farabakoura workings to test bedrock targets coincident with gold-rich quartz veins currently being mined by artisanal workers. Now, we are starting a seven-hole, 1000 m, diamond drilling program at Farabakoura. This drilling will provide additional information on the geology, and the continuity in terms of gold grade and width along the mineralized structure, which has been revealed over at least 500 m so far. We are very pleased to report that the drill contractor has added a second crew so that they can work in two shifts a day, reflecting the urgency of getting this 4,000 m of drilling included in these two programs completed before the rainy season arrives in full force near the end of July.”

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